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BlockchainBusiness & Finance

Incorporation of Crypto in the Football World

The crypto-football partnerships brings up the hopes of people willing to eliminate corruption from the game

Football and crypto are two domains which aren’t too unfamiliar with one another. In the recent past, celebrities from the world of football have helped endorse crypto by simply advertising their investments on social media. This intervention of blockchain into the football world has kicked its game up a notch by evolving from individual interests to a football club level. The Italian football club Rimini FC 1912, has become the first team in the history of football to be purchased in cryptocurrency.

The aim of bringing the technology to the football world is the elimination of all kinds of corruption. Football has had a history with match fixing, money laundering illegal activities related to fiat. Quantocoin is the master currency behind this which provides an alternative-method for investors and now owns 25% of the team.

Not only has crypto and blockchain worked for the Irish team, but it has also made its way into different teams in the recent past. Gibraltar’s team has incorporated the use of cryptocurrency to pay players in the past. They have already announced their plans to pay the players in cryptocurrency to get rid of fraudulent activities related to fiat in football world. The owner of the team Pablo Dana also happens to be one of the partners at Quantocoin, hence the preference of cryptocurrency for payments. He believes that cryptocurrency offers a transparent medium which helps fight corruption in football, which has already been scandalized multiple times; one of the accusation being that Qatar bought votes to win the right to host the World Cup of 2022.

Pablo Dana gave an interview which was tweeted by Quantocoin, in which he described the importance of cryptocurrency in football. He claimed that it provided the solution through blockchain that UEFA was looking for, “This is transparency in football and we are looking to reduce corruption through our Quantocoin platform.”

The currency would help trace all the payments made to football players, and in the next phase the payments made by them to other people in the football world. The flow of money from franchises to players and agents would be kept track of, which would ensure transparency and eliminate corruption.

Other famous teams in the football world have been influenced by crypto, teams like Brighton & Hove Albion, Cardiff City, Crystal Palace, Leicester City, Newcastle United, Southampton and Tottenham have partnered up with eToro, the trading platform. The upside of this partnership is that these partnerships would allow the fans to get familiar with blockchain and cryptocurrencies through adverts on backdrops, tickets, stadium LEDs etc.

Apart from the teams and their owners investing in the cryptospace, there have been a number of notable players who have shown their interests particularly in cryptocurrency. Players like Lionel Messi and Luiz Suarez of FC Barcelona have advertised blockchain. The world famous football star Ronaldinho has also played his part in crypto by introducing his own project called soccer coin in order to improve the football world.

He tweeted about his participation in the project in February,

He plans to introduce his cryptocurrency because of his vision for football. He wanted to open a football academy, host matches of all sorts around the world, develop and control a betting firm, develop digital VR stadiums that will examine players and introduce a database constructed with blockchain to create newer teams.

All in all, cryptocurrency has shadowed multiple areas and fields by its influence with the hopes of providing transparency and providing a platform that eliminates evils by providing transparency and security. Only time will tell how fast this technology takes over football and what good it does to it.

 

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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